Calculate using real Des Moines data. Median home price: $195,000. Property tax rate: 1.56%.
With the median household income of $55,264 in Des Moines, IA, following the 28% rule, you could afford a monthly payment of about $1,289.
The cost of living index in Des Moines, IA is 88 (national average = 100). A home at the median price of $195,000 would require roughly 3.5x the median income.
A conventional 20% down payment on the median Des Moines, IA home ($195,000) would be $39,000. FHA loans may require as little as 3.5% ($6,825).